Chinese infant formula manufacturer is looking to make its debut international bond offering to partially finance the repurchase of its outstanding convertible debt.
The flagship property unit of Sinochem Group hopes to buy back its outstanding -- and relatively rare -- perpetual bond as part of a capital management exercise.
Meanwhile, the size of the new exchangeable bond into the same company was fixed at $750 million after good response from both existing and new investors.
The Philippine conglomerate says it will pay up to 107.75 per bond. The deadline is set for January 29 and its shares will be suspended from trading until then.
The Indian company receives bids for about 50% of the $150 million convertible bond issue, but rejects them all as a falling rupee adds to the buy-back cost.